Study guides, Class notes & Summaries

U2 D.1. Measurement Concepts: Part 1, and D.3. Overhead Costs: Part 1 Question Define relevant range. Answer The relevant range is the range of volume for which the assumptions of the cost driver (i. e., linear relationship with the costs incurred) are valid and in which the actual value of the cost driver exists. U2 D.1. Measurement Concepts: Part 1, and D.3. Overhead Costs: Part 1 Question Explain the difference between the contribution approach and the absorption approach. Answe...

U4 C.1. Cost and Variance Measures: Part 1 Question What is the formula for sales volume variance? Answer U4 C.1. Cost and Variance Measures: Part 1 Question What is the formula for sales price variance? Answer U4 Page 2 of 10 FC-00353 CSO: 1C1e LOS: 1C1k #4 FC-00352 CSO: 1C1e LOS: 1C1k #3 1. 2. 1. 2. U4 C.1. Cost and Variance Measures: Part 2 Question Identify the direct materials variances (two-way variance analysis). Answer Direct materials price variance = (AP − SP)...

Question What are the five principles associated with the control environment component of the Committee of Sponsoring Organizations' (COSO) Internal Control Integrated Framework? Answer Commitment to ethics and integrity Board independence and oversight Organizational structure Commitment to competence Accountability

Question Which departments are responsible for preparing the sales order, approving the sales order, preparing the bill of lading, and preparing the invoice? Answer Sales department: Prepares the sales order Credit department: Approves the sales order Shipping department: Prepares the bill of lading Billing department: Prepares the invoice

U3 B.1. Strategic Planning Question Define a master budget. Answer A master budget documents specific short-term operating performance goals for a period of time, normally one year or less. The plan generally includes an operating (nonfinancial) budget as well as a financial budget. © Becker Professional Education. All rights reserved. U3 B.1. Strategic Planning Question List Porter's five external forces that affect the competitive environment and profitability of a firm. Answer ...

U1 A.1. Financial Statements: Part 1 Question How is gross margin calculated? Answer © Becker Professional Education. All rights reserved. U1 A.1. Financial Statements: Part 1 Question Who are the primary users of general purpose financial reports? Answer Existing and potential: Investors Lenders Other creditors © Becker Professional Education. All rights reserved. U1 Page 2 of 59 FC-01519 CSO: 1A1a LOS: 1A1e #4 FC-01518 CSO: 1A1a LOS: 1A1e #3 1. 2. 3. 4. 1. 2. 3. 4. ...

Part 1 Formula Reference Guide Term Formula Unit Absorption costing equation − Revenue Less: cost of goods sold − Gross margin Less: operating expenses (both fixed and variable) Net income 2 Accounting equation (or balance sheet equation) Assets = Liabilities + Owners' equity (or stockholders' equity) 1 Asset turnover Asset turnover = Sales Assets 4 Budgeted production Budgeted sales + Desired ending inventory – Beginning inventory Budgeted production 3 Cash ...

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